Goldman Sachs links record-low US consumer sentiment to societal unhappiness and eroding trust
The University of Michigan consumer sentiment index hit record lows in September 2026, falling 13% year-over-year. Goldman Sachs economist Joseph Briggs argues this decline stems from broader societal unhappiness and eroding trust in institutions, rather than just economic metrics. While GDP and stock markets remain strong, Briggs notes that happiness levels have not recovered since the pandemic, suggesting sentiment may no longer reliably predict economic performance.